WEBVTT - LinkedIn's Reid Live from the Bloomberg Tech Summit 0:00:02.920 --> 0:00:10.719 Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg business 0:00:10.720 --> 0:00:13.960 Week inside from the reporters and editors who bring you 0:00:14.000 --> 0:00:18.360 America's most trusted business magazine, plus global business, finance and 0:00:18.400 --> 0:00:22.640 tech news. The Bloomberg Business Week Podcast with Carol Messer 0:00:23.040 --> 0:00:25.800 and Tim Stenebeck from Bloomberg Radio. 0:00:27.080 --> 0:00:30.040 Carol Mappler, Tim's done live. You're in San Francisco at 0:00:30.080 --> 0:00:32.760 the Bloomberg Technology Summit, and for to say, Carol, We've 0:00:32.800 --> 0:00:34.840 already heard from the great lineup of speakers. I mentioned 0:00:34.920 --> 0:00:38.760 Flows out of Newman formerly of We Work Lead, a caller, 0:00:38.840 --> 0:00:44.479 the godmother of ai AI. Yeah, Culture Professor heard from 0:00:44.479 --> 0:00:48.440 her a little earlier. Snapsil and Spiegel also here at 0:00:48.440 --> 0:00:50.160 this event. Got a great lineup. 0:00:50.240 --> 0:00:52.040 It's really fun to see the networking going on. We've 0:00:52.080 --> 0:00:54.320 also got our own star and we're talking about Bradstone. 0:00:54.400 --> 0:00:56.920 He is the editor of Bloomberg Business Week. He's also, 0:00:56.960 --> 0:00:57.920 of course the author. 0:00:57.680 --> 0:01:01.080 Of numerous books including those on Amazon, on Amazon, on Bound, 0:01:01.280 --> 0:01:03.160 and so much more. Joining us here at the Bloomberg 0:01:03.200 --> 0:01:05.880 Tech sum and actually you have invited us in, so 0:01:05.920 --> 0:01:08.160 thank you so much for that. First of all, I 0:01:08.160 --> 0:01:10.400 feel like there's so much going on AI. Yes, but 0:01:10.440 --> 0:01:13.160 tell us about Brad. The conversations you guys had as 0:01:13.200 --> 0:01:15.080 a team about what you wanted to cover there. 0:01:15.880 --> 0:01:17.120 Yeah, you know, it's funny. 0:01:17.400 --> 0:01:19.440 We do these every year and we tried not to 0:01:19.480 --> 0:01:23.520 repeat ourselves, and last year we were really talking about 0:01:23.560 --> 0:01:28.080 the emergence of chat GPT. It had gotten everybody talking, 0:01:28.560 --> 0:01:31.040 and so of course we had Sam Altman as our 0:01:31.120 --> 0:01:35.680 keynote speaker, and you can't buy the same people every year. 0:01:35.680 --> 0:01:38.000 But the other thing that's happened is it has started 0:01:38.040 --> 0:01:41.200 a movement, and so we thought, well, who else do 0:01:41.240 --> 0:01:41.640 we want? 0:01:41.760 --> 0:01:43.640 And the first names that's sprung to mind. 0:01:43.760 --> 0:01:48.440 Are the founders of Anthropic Siblings. 0:01:47.840 --> 0:01:49.360 Dario and Daniela Amoday. 0:01:49.640 --> 0:01:51.880 They actually worked at the Open AI and spun out 0:01:52.640 --> 0:01:55.240 maybe with an implicit objection to how open A was 0:01:55.280 --> 0:01:57.840 being run. That's where we started today and it's really 0:01:57.840 --> 0:02:01.120 set the tone for the conversations today mentioned faife A Lee, 0:02:01.640 --> 0:02:04.600 We have been coaches, la Reid Hoffmann coming later. Really, 0:02:04.720 --> 0:02:07.120 I think where we settled on was like, let's find 0:02:07.640 --> 0:02:10.160 some of the architects of this moment and to ask 0:02:10.240 --> 0:02:13.239 them the hard questions about are we really kind of 0:02:13.360 --> 0:02:15.240 comfortable where we're going? 0:02:15.560 --> 0:02:17.720 Or is this an arms race that is propelling everyone 0:02:17.800 --> 0:02:18.760 forward just to win? 0:02:19.200 --> 0:02:21.520 And what does that mean? So what does that mean? 0:02:21.600 --> 0:02:23.880 Because you know, if we think about where we were 0:02:23.919 --> 0:02:26.280 a year ago when everybody was playing with chat GPT. 0:02:26.560 --> 0:02:29.320 GPT four had basically just come out a little over 0:02:29.360 --> 0:02:31.040 a year ago, when you had the Tech summit, here, 0:02:31.600 --> 0:02:34.280 where are we this year with the run up in video? 0:02:34.800 --> 0:02:37.880 You have Amazon investing in anthrophic, you have all the 0:02:37.919 --> 0:02:40.239 open high eigh drama that happened at the end of 0:02:40.400 --> 0:02:42.440 last year. Where are we when it comes to sort 0:02:42.480 --> 0:02:45.119 of like AI being in primetime this Yes. 0:02:45.280 --> 0:02:48.160 I will answer with something that you will never hear 0:02:48.280 --> 0:02:49.320 on the stage downstairs. 0:02:49.360 --> 0:02:52.720 Okay, I don't know here and an. 0:02:52.720 --> 0:02:57.239 Age of remarkable what I call AI ambiguity. There's so 0:02:57.320 --> 0:02:59.680 many things we don't know. So for example, Meta has 0:02:59.760 --> 0:03:02.760 open source the Lamaitrie model. What does that mean for 0:03:02.840 --> 0:03:05.839 these other companies that have spent hundreds of millions maybe 0:03:05.960 --> 0:03:09.040 seeing billions to train and operate a model. What does 0:03:09.080 --> 0:03:11.400 it mean that you can now get the technology for free? 0:03:12.760 --> 0:03:15.560 Will chatbots be a thing that we regularly use or are. 0:03:15.480 --> 0:03:18.920 They a novel expression of the technology and then they'll 0:03:18.919 --> 0:03:19.440 fade away? 0:03:20.000 --> 0:03:23.480 Are their lanes for startups outside. 0:03:23.000 --> 0:03:24.760 Of what all the big tech companies that have the 0:03:24.840 --> 0:03:26.520 resources are doing with AI. 0:03:27.120 --> 0:03:31.200 These are great questions. I actually don't think that anybody. 0:03:30.880 --> 0:03:31.519 Has the answer. 0:03:31.840 --> 0:03:34.840 I think that even when I think about social media 0:03:34.920 --> 0:03:40.640 explosion or on demand apps fueled by the iPhone, that. 0:03:40.680 --> 0:03:42.680 We sort of had a sense of where, Okay, well 0:03:42.760 --> 0:03:44.560 this is cool and people will. 0:03:44.400 --> 0:03:45.160 Find it useful. 0:03:45.560 --> 0:03:49.360 And I just think everything from how will use it 0:03:49.680 --> 0:03:52.760 to what the economics will look like are still completely 0:03:52.960 --> 0:03:53.440 up in the air. 0:03:53.600 --> 0:03:55.120 I love that you went there, because I do feel 0:03:55.160 --> 0:03:58.520 like we've all been agog if you will, right on Nvidia. 0:03:58.200 --> 0:03:59.840 And the chips and so and so forth coming off 0:03:59.880 --> 0:04:01.760 of milk, and I just came and people. 0:04:01.560 --> 0:04:04.360 To even are like trying to assess where do we 0:04:04.480 --> 0:04:07.040 put allocate the money going forward? So much of what 0:04:07.120 --> 0:04:10.720 I heard rod was data centers right and infrastructure build out. 0:04:10.760 --> 0:04:13.080 Like people were still like, we haven't quite figured out 0:04:13.120 --> 0:04:14.800 the applications. 0:04:14.040 --> 0:04:15.920 Of AI going forward. 0:04:16.200 --> 0:04:16.960 I think that's true. 0:04:17.279 --> 0:04:19.720 Where where I'm sort of bullish and why don't you 0:04:19.880 --> 0:04:22.200 let's see us an example of the good old Bloomberg terminal, 0:04:23.000 --> 0:04:27.120 where you really need to know how to get information 0:04:27.240 --> 0:04:30.120 from the terminal, right, we know a whole lexicon and 0:04:30.240 --> 0:04:33.400 that's pretty similar to other computer systems. They they'll do 0:04:33.560 --> 0:04:35.919 what you tell them to do, and often you need 0:04:36.040 --> 0:04:38.480 to speak a particular language, maybe even coding. 0:04:39.080 --> 0:04:40.040 And what AI is. 0:04:40.320 --> 0:04:43.000 I think of it as like a new user interface 0:04:43.360 --> 0:04:46.240 where you can express yourself either with a voice command 0:04:46.400 --> 0:04:49.320 or a written command and a plain language and have 0:04:49.520 --> 0:04:50.480 it respond. 0:04:50.400 --> 0:04:51.760 And have it do things for you. 0:04:52.360 --> 0:04:54.120 I think that is like and I said, we're going 0:04:54.200 --> 0:04:59.080 to see an IO next week with Google and WWWC, WWDC, 0:04:59.240 --> 0:05:03.120 with Apple them baking it into their devices and basically 0:05:03.200 --> 0:05:05.200 creating a new way to use technology. 0:05:05.560 --> 0:05:08.120 Is it too early to say, Brad, that we're in 0:05:08.160 --> 0:05:09.960 an era right now like we were with the web 0:05:10.000 --> 0:05:12.920 browser in the nineties, sort of the dawn of the Internet, 0:05:13.320 --> 0:05:16.160 you know, tech bubble. Notwithstanding, but the idea that there 0:05:16.279 --> 0:05:20.160 was this new technology that fundamentally changed not just the 0:05:20.200 --> 0:05:22.680 way we live, but the way we interact with each 0:05:22.680 --> 0:05:24.680 other and the way that we spend money. 0:05:25.160 --> 0:05:28.719 I'm going to go back to my handy AI ambiguity. 0:05:28.480 --> 0:05:30.840 And say, I don't know. 0:05:31.240 --> 0:05:34.520 I mean, if if this is the. 0:05:34.600 --> 0:05:37.640 Domain of only the biggest companies that can afford it, 0:05:37.720 --> 0:05:42.560 and their proxies like Anthropic that maybe it isn't a 0:05:42.720 --> 0:05:45.520 giant ce that lists all boats. 0:05:46.080 --> 0:05:47.760 Maybe you know, this is going to be. 0:05:48.000 --> 0:05:51.839 Owned by four or five companies and governments around the world, 0:05:52.480 --> 0:05:55.400 and it will concentrate their power. The arrival of the 0:05:55.480 --> 0:05:59.720 web browser was the arrival of all sorts of entrepreneurial opportunity. 0:05:59.800 --> 0:06:02.360 To point, you know, we had a rise and then 0:06:02.400 --> 0:06:04.720 a crash, and then a rise again. I don't think 0:06:04.760 --> 0:06:07.880 it's clear that this is ready set go for everyone. 0:06:08.200 --> 0:06:12.040 It's very expensive to run these models. They'll maybe regulated, 0:06:12.120 --> 0:06:15.000 as fafe Lea said earlier today. If you regulate them, 0:06:15.040 --> 0:06:17.640 you could create a powerful black market based on open 0:06:17.680 --> 0:06:18.400 source models. 0:06:18.760 --> 0:06:22.120 So all sorts of sort of unresolved issues. And I'm 0:06:22.200 --> 0:06:22.760 just not sure. 0:06:22.880 --> 0:06:25.800 Despite the fact that you go to y Combinator, any 0:06:25.880 --> 0:06:29.000 startup community here and all you will see and hear 0:06:29.120 --> 0:06:32.000 about are AI startups. 0:06:32.440 --> 0:06:34.720 I'm just not sure how big the opportunity is going 0:06:34.760 --> 0:06:34.920 to be. 0:06:35.279 --> 0:06:35.680 We'll see. 0:06:36.120 --> 0:06:38.680 Hey, Adam Newman, you know you think about cycles right 0:06:38.760 --> 0:06:40.760 in technology, and we're trying to still figure out right 0:06:40.800 --> 0:06:43.320 the AI cycle going forward. But how what did you 0:06:43.400 --> 0:06:45.320 want to know or what you know, Adam Newman in 0:06:45.440 --> 0:06:47.800 terms of you think about we were what how it 0:06:48.000 --> 0:06:49.600 was a cover of Bloomberg. 0:06:49.200 --> 0:06:50.440 Business Week, maybe. 0:06:50.279 --> 0:06:54.360 Several times I can't remember before Brad's time, before Brad's time, 0:06:54.400 --> 0:06:56.120 but nonetheless it was a great story. 0:06:56.320 --> 0:06:58.560 We talked so much about that company and where it 0:06:58.680 --> 0:07:00.080 was going, and obviously it's gone through. 0:07:01.560 --> 0:07:01.680 Well. 0:07:01.720 --> 0:07:04.120 First of all, I felt so privileged to be able 0:07:04.160 --> 0:07:08.560 to bring his particular brand of charismatic lunacy. 0:07:09.640 --> 0:07:11.760 Uh oh, you know that's I don't mean. 0:07:11.680 --> 0:07:14.800 In a harsh way. You know, he's entertaining as heck. Yeah, 0:07:14.960 --> 0:07:18.000 like he exudes charisma. He's at it again. 0:07:18.600 --> 0:07:19.000 I wanted. 0:07:19.120 --> 0:07:21.120 He's trying to buy where you work out of bankruptcy. 0:07:21.600 --> 0:07:25.840 So that was the first topic. He he they've they've 0:07:26.040 --> 0:07:29.040 not taken his bid, and he's clearly signaling that he's 0:07:29.120 --> 0:07:32.440 going to appeal that they don't. They think that the 0:07:32.880 --> 0:07:35.800 creditors should have looked at his bid more carefully, that 0:07:35.920 --> 0:07:38.520 he had the higher bid. He said that the current 0:07:38.600 --> 0:07:42.320 creditors who won the deal are making promises they can't keep. 0:07:42.720 --> 0:07:45.040 So that was the first topic. Then we asked him 0:07:45.120 --> 0:07:47.200 up flow his residential real estate company. 0:07:47.760 --> 0:07:49.280 You know, this idea of. 0:07:49.640 --> 0:07:53.280 Spending hundreds of millions of dollars to acquire properties and 0:07:53.400 --> 0:07:56.320 then not just be a landlord, but to use technology 0:07:56.400 --> 0:08:00.679 to create community and a sense of belonging. Him bringing 0:08:00.800 --> 0:08:05.560 his classic sense of uh, you know, quasi mysticism into 0:08:05.600 --> 0:08:06.480 the world of business. 0:08:06.560 --> 0:08:08.320 And I asked, I was like, why do you keep 0:08:09.000 --> 0:08:10.640 we were, Yeah, why do you have that? 0:08:10.880 --> 0:08:11.040 You know? 0:08:11.800 --> 0:08:13.720 But it's who he is and he you know, he's. 0:08:13.560 --> 0:08:15.600 Somebody who speaks to the heart. I asked him a 0:08:15.640 --> 0:08:18.760 little bit. I wanted to know about whether he was different, 0:08:19.440 --> 0:08:21.240 and I really didn't do get the sense of one, 0:08:21.320 --> 0:08:24.600 he's got a confrontational board now that's gonna say no 0:08:24.680 --> 0:08:24.920 to him. 0:08:24.960 --> 0:08:25.920 He didn't have that before. 0:08:26.440 --> 0:08:29.280 And that too, he's there's an adult, a couple of 0:08:29.280 --> 0:08:30.080 adults in the glorio. 0:08:30.160 --> 0:08:32.439 There were before, but they weren't acting like it. 0:08:34.080 --> 0:08:36.520 And that he even said that on his latest proposal. 0:08:36.640 --> 0:08:39.520 Mark Andresam told him no, Yeah, that's interesting. I'm not 0:08:39.559 --> 0:08:42.360 sure Masayoshi Son ever told him no. And then the 0:08:42.440 --> 0:08:46.640 third thing was I wanted to know from him how 0:08:46.720 --> 0:08:50.400 he was different as a CEO. And he mentioned the board, 0:08:50.679 --> 0:08:52.760 and he also mentioned the advice that Jeff Bezos had 0:08:52.800 --> 0:08:56.840 given him to always talk last in a meeting because 0:08:56.880 --> 0:08:59.320 otherwise you're gonna kind of pollute the water and sway 0:08:59.360 --> 0:08:59.959 people's opinion. 0:09:00.440 --> 0:09:02.600 And I said, are you able to follow that advice 0:09:02.960 --> 0:09:04.120 to go well? 0:09:04.880 --> 0:09:07.079 And his CFO was sitting in the audience and gave 0:09:07.160 --> 0:09:09.400 us a kind of half hearted thumbs up. 0:09:09.720 --> 0:09:10.839 So maybe something to work on. 0:09:11.320 --> 0:09:13.719 So do you see him pulling off that we work 0:09:13.720 --> 0:09:14.440 out of bankruptcy. 0:09:15.200 --> 0:09:18.480 I don't know if he will win that deal. I 0:09:18.600 --> 0:09:18.920 think that. 0:09:21.960 --> 0:09:25.800 You know, the creditors are are required and it is 0:09:26.120 --> 0:09:29.240 in their personal interest to get the most money for 0:09:29.360 --> 0:09:31.240 the death that exists and to bring the company out 0:09:31.280 --> 0:09:34.959 of the bankruptcy. And the fact that they've chosen this 0:09:35.120 --> 0:09:37.920 other path suggests to me, and I haven't really looked 0:09:37.960 --> 0:09:40.160 at it, but that it may be a more complicated 0:09:40.240 --> 0:09:43.240 picture that Adam has presented and that it may not 0:09:43.520 --> 0:09:47.800 only be about a popularity contest. And I also asked 0:09:47.840 --> 0:09:50.760 him to explain to me why we work should be 0:09:50.880 --> 0:09:54.160 in flow and whether it was just a personal mission 0:09:54.200 --> 0:09:54.720 of redemption. 0:09:55.559 --> 0:09:56.760 And I wasn't sure. 0:09:56.800 --> 0:10:00.160 I really believe, you know, fully believed that those two 0:10:00.240 --> 0:10:03.240 companies belong together and that it wasn't a little emotional 0:10:03.320 --> 0:10:03.560 for him. 0:10:03.600 --> 0:10:04.400 In fact, he said that it. 0:10:04.559 --> 0:10:05.200 Was so. 0:10:06.840 --> 0:10:09.520 You know, and maybe there are personal reasons the quest 0:10:09.640 --> 0:10:12.400 that they don't want to resell we work to Adam Newman. 0:10:12.640 --> 0:10:14.880 We can all imagine what they are. He wasn't you know? 0:10:15.000 --> 0:10:17.800 He the company had problems under his leadership, and the 0:10:17.920 --> 0:10:20.920 question is are those personal reasons do they meet a 0:10:21.000 --> 0:10:21.880 valid legal test? 0:10:22.400 --> 0:10:24.480 You know, it's fascinating think about the pandemic and how 0:10:24.520 --> 0:10:28.559 we're rethinking how we work and what kind of office space. 0:10:28.400 --> 0:10:29.280 Is ultimately needed. 0:10:29.360 --> 0:10:32.800 Like his thinking about this concept of having flexible workspace 0:10:32.880 --> 0:10:33.440 like as you need. 0:10:33.480 --> 0:10:38.360 It wasn't so far fetched. It's just timing and maybe execution. 0:10:38.600 --> 0:10:40.079 And I mean I would say this, I think that 0:10:40.160 --> 0:10:43.400 the history of real estate is and you know, Donald 0:10:43.440 --> 0:10:46.240 Trump has exhibit A is a is a history of 0:10:46.960 --> 0:10:49.800 ups and downs, bubbles and crashes. 0:10:49.960 --> 0:10:51.320 We're seeing in China right now. 0:10:51.480 --> 0:10:54.160 Business Week we did a list of all the billionaires 0:10:54.200 --> 0:10:56.760 that have lost everything betting on the Chinese. 0:10:56.800 --> 0:10:57.920 So that's no different. 0:10:58.400 --> 0:11:00.920 But you know the difference is he voted a little higher, 0:11:01.520 --> 0:11:04.599 wrapped in a mantle of being a technology company and 0:11:04.840 --> 0:11:06.920 trying to take a public as a tech company, and 0:11:07.000 --> 0:11:10.199 then wrote it even lower because investors ultimately. 0:11:09.880 --> 0:11:10.800 Didn't buy the visual. 0:11:11.000 --> 0:11:11.920 Can I talk about. 0:11:14.600 --> 0:11:14.840 Robot? 0:11:16.040 --> 0:11:21.760 Yes, this is a humanoid robot developed by Engineered Arts, 0:11:21.840 --> 0:11:25.839 a company in Cornwall, England. I'm about to go in 0:11:25.920 --> 0:11:30.079 a either a career high or a career low. I'm 0:11:30.120 --> 0:11:32.600 going to go on stage and interview the robot. 0:11:32.800 --> 0:11:34.920 So it's going to answer your questions in real time. 0:11:35.120 --> 0:11:42.160 Yes, yeah, yeah, it's a creepily human like It speaks 0:11:42.200 --> 0:11:45.959 and I presume should be addressed as a female. 0:11:47.640 --> 0:11:48.280 That's a choice. 0:11:48.880 --> 0:11:53.520 That's a choice, and it's really remarkably I wouldn't say it's. 0:11:53.400 --> 0:11:56.720 Lifelike, but because I did address it, I did some tests. 0:11:56.760 --> 0:12:01.200 It's expressive and it's design to make people feel comfortable 0:12:01.200 --> 0:12:03.160 with it. It's very it's to me, even though it's 0:12:03.200 --> 0:12:06.199 a British project, it very much reminds me of the 0:12:06.360 --> 0:12:10.559 Japanese bipedal robots or the past that Sony and Samsung 0:12:10.640 --> 0:12:13.440 and they were always working on them. The Japanese love 0:12:13.520 --> 0:12:14.800 their their bipedal robots. 0:12:15.120 --> 0:12:18.040 It's certainly like it's it's incredible novelty. But we should 0:12:18.080 --> 0:12:20.640 know that there are lots of companies working on robots 0:12:20.720 --> 0:12:23.959 like this to help in warehouses. Think about what it 0:12:24.000 --> 0:12:25.880 would you do a company like Amazon to be able 0:12:25.920 --> 0:12:26.520 to have you. 0:12:26.559 --> 0:12:27.920 Know, this am a coon. 0:12:28.960 --> 0:12:31.959 I hope at least does not move because if you 0:12:32.040 --> 0:12:35.560 see me running across the stam, I don't know, uh 0:12:35.960 --> 0:12:39.880 that it's an ambulatory Uh yeah, now I could ask 0:12:39.920 --> 0:12:42.240 and it's running chat GPT for Turbo. 0:12:42.840 --> 0:12:43.600 So I think that's. 0:12:43.480 --> 0:12:45.760 Interesting that, So explain what that means. 0:12:45.840 --> 0:12:50.920 Like it's essentially that engineered arts has developed the machine, 0:12:51.559 --> 0:12:56.360 but the brains are borrowed using the API of open. 0:12:56.200 --> 0:12:57.240 AI and chat GPT. 0:12:57.720 --> 0:13:00.880 Well that's interesting going forward that maybe robot makers don't 0:13:00.960 --> 0:13:05.920 need to worry as much about main general intelligence, but 0:13:06.040 --> 0:13:09.280 they get hooked into one of these large models, use 0:13:09.360 --> 0:13:13.880 the API, and they can they can be more engineering 0:13:13.960 --> 0:13:16.560 companies that think about things like how the joints work, 0:13:16.640 --> 0:13:19.720 how balance works, as you mentioned Caro, all the expressiveness 0:13:19.760 --> 0:13:20.320 of the robots. 0:13:20.360 --> 0:13:22.240 So what does that mean she's note connected to the 0:13:22.280 --> 0:13:23.120 cloud right now? 0:13:23.559 --> 0:13:23.679 Oh? 0:13:23.800 --> 0:13:26.920 I would imagine that she is. Okay, yeah, well we'll 0:13:26.920 --> 0:13:28.160 see if Wi fi goes down. 0:13:30.600 --> 0:13:32.480 Answer to make sure she's on the right network. Okay, 0:13:32.920 --> 0:13:34.400 I was thinking and I were talking. 0:13:34.240 --> 0:13:35.920 About the hotel. We're saying we're not gonna say where 0:13:35.960 --> 0:13:36.480 it is, but. 0:13:36.520 --> 0:13:39.240 It's like, right, we couldn't get anybody I answer, So 0:13:39.320 --> 0:13:41.520 we could have used Amica to like answer our phone 0:13:41.559 --> 0:13:43.400 call and like help us answer some question. 0:13:43.480 --> 0:13:48.079 There is the conference, which is like huge, Well that's 0:13:48.080 --> 0:13:48.280 the thing. 0:13:48.360 --> 0:13:50.280 It's like you would need Amica to do that. 0:13:50.480 --> 0:13:53.439 You would need an Alexa or chatch BT, right, and 0:13:53.600 --> 0:13:57.200 then and then robots can just be these physical things. 0:13:57.679 --> 0:13:59.719 And and the question is do we really need a 0:13:59.760 --> 0:14:02.520 buy pedal robot that's trying to trick us into being 0:14:02.720 --> 0:14:06.080 thinking that it's human or will they be Timmy mentioned 0:14:06.120 --> 0:14:10.800 industrial robots, you know, little things that do very specific tasks, 0:14:11.120 --> 0:14:14.120 deliver the mail, deliver packages, that kind of thing. 0:14:14.240 --> 0:14:17.240 Hey, can I ask you what's the biggest I don't know, 0:14:17.600 --> 0:14:20.720 I know AI like as you go through today, like 0:14:20.880 --> 0:14:23.520 what are you looking for a question to be answered? 0:14:23.600 --> 0:14:25.720 Or something like I think you know so much this world, 0:14:26.160 --> 0:14:27.000 there's something top of. 0:14:27.040 --> 0:14:27.560 Mind for you. 0:14:27.880 --> 0:14:29.520 I mean, I think we all want to know, like 0:14:30.000 --> 0:14:33.600 where it's going. I guess specifically, we've seen it. 0:14:34.160 --> 0:14:39.920 Since the September of twenty twenty two, every successive models 0:14:40.520 --> 0:14:42.640 of chat GBT or any of these other. 0:14:45.400 --> 0:14:49.160 Chatbots has been step change improvements. 0:14:49.080 --> 0:14:51.880 Fed by more and more data and more and more 0:14:52.120 --> 0:14:55.440 processing and power and money running on in video chips. 0:14:55.480 --> 0:14:58.720 So my question is is that going to continue or are. 0:14:58.640 --> 0:15:01.200 We hitting a natural limit, either in the money that 0:15:01.280 --> 0:15:05.480 we could spend, the train, the available processors, or or 0:15:05.720 --> 0:15:08.240 just the model matches out all right and it's not 0:15:08.640 --> 0:15:10.560 giving us step change improvements anymore. 0:15:10.840 --> 0:15:11.960 Good stuff from Bradstone. 0:15:12.000 --> 0:15:15.120 As always, We've got more, including we're to continue with AI. 0:15:15.280 --> 0:15:16.480 Folks, this is Bloomberg. 0:15:19.280 --> 0:15:22.760 You're listening to the Bloomberg Business Week podcast. Catch us 0:15:22.840 --> 0:15:26.040 Live weekday afternoons from two to five pm Eastern Listen 0:15:26.120 --> 0:15:26.800 on Apple. 0:15:26.600 --> 0:15:28.240 Car Play and then Broyt Auto with. 0:15:28.240 --> 0:15:31.320 A Bloomberg Business act or want us live on YouTube? 0:15:34.920 --> 0:15:37.480 Still give value? No question buzzing about AI. We've been 0:15:37.520 --> 0:15:41.080 talking about it. But venture capital dealmaking, Carol, it's still suppressed. 0:15:41.120 --> 0:15:43.840 I got some stats here. Here's some numbers. Okay here 0:15:43.880 --> 0:15:46.840 in the US VC's thirty six point six billion into 0:15:46.840 --> 0:15:48.640 startups in the first quarter of the year. That's according 0:15:48.640 --> 0:15:51.400 to Pitchbook. The funding went to twenty eight hundred companies. 0:15:51.800 --> 0:15:54.840 On both measures, it's a nearly thirty percent decrease compared 0:15:54.880 --> 0:15:56.840 with the same period in twenty twenty throws three. So 0:15:56.960 --> 0:16:00.320 the takeaways startups had their worst funding your last year 0:16:00.720 --> 0:16:04.080 since twenty nineteen. This year it's starting off even worse. 0:16:04.200 --> 0:16:06.120 So despite of the excitement, Well, we've got a great 0:16:06.160 --> 0:16:08.120 boys to really talk to us about the startup community. 0:16:08.600 --> 0:16:09.960 Alien Lee is with us. 0:16:10.040 --> 0:16:12.280 She's the founder and managing partner of the VC firm 0:16:12.320 --> 0:16:15.880 Cowboy Ventures. They invest mostly in software companies based here 0:16:15.920 --> 0:16:18.080 in the US. We should say that her firm has 0:16:18.680 --> 0:16:22.240 made more than one hundred early stage investments, specializing in 0:16:22.320 --> 0:16:23.000 seed rounds. 0:16:23.440 --> 0:16:25.720 She's on site with us. The other thing is she 0:16:26.400 --> 0:16:28.040 has done the data analysis. 0:16:28.120 --> 0:16:30.760 That is the reason we use the word unicorn when 0:16:30.800 --> 0:16:31.880 it comes to startups. 0:16:33.200 --> 0:16:34.600 We love data here at Bloomberg. 0:16:34.760 --> 0:16:35.240 How are you. 0:16:35.480 --> 0:16:37.480 I am so happy to be here. We'll tell us 0:16:37.480 --> 0:16:39.400 about the VC world, Like give us an idea. It's 0:16:39.440 --> 0:16:41.600 a great indicator in terms of the health of the economy. 0:16:41.920 --> 0:16:44.760 So we just finished a panel myself, Kirsten Green and 0:16:44.920 --> 0:16:49.240 auDA from Base ten with Tom Giles, who's the tech 0:16:49.320 --> 0:16:50.240 editor for Bloomberg Tech I. 0:16:50.520 --> 0:16:51.840 We talked about what's going on. 0:16:52.040 --> 0:16:55.440 So, like you mentioned, we had a big slowdown last year. 0:16:55.480 --> 0:16:58.160 A lot of people put their pencils down. They're both 0:16:58.360 --> 0:17:00.320 like it felt like there was a falling night in 0:17:00.440 --> 0:17:03.440 terms of public markets, which obviously affects the private markets, 0:17:04.200 --> 0:17:05.760 and so people said it's not a great time to 0:17:05.840 --> 0:17:07.440 be investing in private companies. 0:17:08.480 --> 0:17:09.480 I do think that we're. 0:17:09.320 --> 0:17:12.160 Seeing quite a pick up this year, but it's largely 0:17:12.240 --> 0:17:15.359 driven by AI, which is great. It's very exciting. It 0:17:15.480 --> 0:17:18.800 is the new hotness in venture capital. So you just 0:17:18.920 --> 0:17:21.280 have to It can be quite treacherous, I think to 0:17:21.400 --> 0:17:26.919 invest in AI right now because it's you know, obviously 0:17:27.000 --> 0:17:28.920 there's a lot of energy right now. We're kind of 0:17:28.960 --> 0:17:31.560 in a consolidation phase, and for very good reasons, right 0:17:31.600 --> 0:17:35.680 with whether it's Microsoft or Meta or Salesforce or Service. 0:17:35.400 --> 0:17:36.760 Now or Google. 0:17:37.560 --> 0:17:39.639 You need a lot of open AI, you need a 0:17:39.720 --> 0:17:42.680 lot of money, you need a lot of GPU, you 0:17:42.760 --> 0:17:45.119 need a lot of engineers, and so there's kind of 0:17:45.200 --> 0:17:47.960 this like techtonic plate war going on in the big 0:17:48.080 --> 0:17:51.080 tech players right now, and so if you've got a 0:17:51.160 --> 0:17:54.240 really big fund, you could try and align your Obviously, 0:17:54.400 --> 0:17:56.359 most of these companies are public companies right so right 0:17:56.680 --> 0:18:00.840 it's a great time for public Nvidia and to be 0:18:00.920 --> 0:18:03.160 a public markets investor to be able to get exposure 0:18:03.240 --> 0:18:06.600 to like the AI that is going to be powering. 0:18:06.800 --> 0:18:09.480 I think most applications for decades to come. But for 0:18:09.880 --> 0:18:12.680 private markets, I think there's just a lot of money 0:18:12.720 --> 0:18:14.440 going into startups, many of whom are. 0:18:14.359 --> 0:18:15.000 Not going to make it. 0:18:15.480 --> 0:18:18.239 So the thing that's interesting about this, and Brad kind 0:18:18.280 --> 0:18:19.720 of alluded to him, we were talking to him, is 0:18:19.760 --> 0:18:22.640 the idea of it's so expensive to have this processing 0:18:22.720 --> 0:18:25.840 power to buy these GPOs. Yeah, and it's not as 0:18:25.880 --> 0:18:28.879